soa

dylanj_2

Starting to get a light bulb moment where i need to take control of my finances and cut back. Please have a look and see how i could change things.

Just to clarify a few points in my SOA below:

Haircuts - my sister is a hairdresser so my partner and I dont pay for them.
Car - I dont own a car, I lease one through my business which i have included.
Fuel - I travel alot for work so unfortunately this is high.
Contents insurance - This is high because our property was flooded previously so that was cheapest i could get.
Mobile phones - this is the amount for both of our phones, we both have new iphones so unfortunately are stuck in contract.
TV - Netflix (we get more than enough of our moneys worth as this is all we watch!)
Car insurance - Cheapest quote, we are younger drivers and with 1 yr no claims, last years was over 100 a month so i see that as low tbh!

Thanks, and if someone can suggest best course of action for paying these off? Should i pay a bit off everything, chuck everything at one first etc.

[tt]Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2
Number of children in household......... 0
Number of cars owned.................... 0

Monthly Income Details
Monthly income after tax................ 1370
Partners monthly income after tax....... 1100
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 2470

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 300
Management charge (leasehold property).. 0
Council tax............................. 100
Electricity............................. 30
Gas..................................... 50
Oil..................................... 0
Water rates............................. 25
Telephone (land line)................... 12
Mobile phone............................ 83
TV Licence.............................. 12
Satellite/Cable TV...................... 6
Internet Services....................... 13
Groceries etc. ......................... 170
Clothing................................ 5
Car lease............................... 190
Petrol/diesel........................... 200
Road tax................................ 0
Car Insurance........................... 46
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 5
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 25
Life assurance ......................... 0
Other insurance......................... 25
Presents (birthday, christmas etc)...... 20
Haircuts................................ 0
Entertainment........................... 70
Holiday................................. 0
Emergency fund.......................... 20
Total monthly expenses.................. 1407


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 0
Other assets............................ 0
Total Assets............................ 0

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
cc 1...........................923.......32........24.5
cc 2...........................530.......30........23.2
Next (owe to mother)...........317.......30........0
finance company 2..............575.......58........0
finance company 1..............1431......50........0
littlewoods....................595.......76........0
loan...........................2320......194.......4.9
Total unsecured debts..........6691......470.......-


Monthly Budget Summary
Total monthly income.................... 2,470
Expenses (including HP & secured debts). 1,407
Available for debt repayments........... 1,063
Monthly UNsecured debt repayments....... 470
Amount left after debt repayments....... 593

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -6,691
Net Assets.............................. -6,691

[/tt]

[Deleted User]

2 things if you travel alot for work dont they pay towards your petrol
and you need to work out where the "spare" £593 per month is going
try keeping a diary of everything and i mean everything you both spend for a month

dylanj_2

Hi thanks for the reply,

Unfortunately no, I am freelance so they normally expect it to come out of my end.

Yes thanks I was thinking that, but the only problem is OH is not very moneysavvy and i know for a fact she would forget to write it down. Will definitely give it a shot though.

nic_santorini

i use microsoft money, it is a great programme that I have used to track my spending for the last 8 years. Everything I buy goes on it and then I can run reports to see where my money goes, it is very scary!! But helps on the saving. I now get withdrawal symptoms if I dont use it!!

jaydeeuk1

Cancel tv licence. Have you heard of xbmc too? Are you using usa netflix - its much better.

[Deleted User]

Could you sell the mobiles, and buy some cheaper ones?

Nothing for holidays? Not even day trips?

I would use any spare money, to pay off the two Credit Cards ASAP.

At the current rate you are paying, it's going to take 32 months to clear them, at a cost of £480 in interest.

If you put say £400, of the £593 you have spare, toward them, you could have them both cleared in 4 months, for just £33 in interest.